What Are the Two Sets of Financial Statements Mandated by GASB

question 27

Essay

What are the two sets of financial statements mandated by GASB for state and local governments? For each set, what are the names of the individual statements that must be produced?

---

Definitions:

Medicaid

A government-funded program in the United States that provides health coverage to eligible low-income adults, children, pregnant women, elderly adults, and people with disabilities.

Conservative Theory

In economics, often refers to theories that prioritize free market principles, limited government intervention, and fiscal conservatism.

Charles Murray

An American political scientist, sociologist, and author known for his often controversial works on intelligence, social policy, and race.

Poverty Line

The minimum level of income deemed adequate in a particular country to live on, below which one is considered to be in poverty.